Sofinnova Investments Strengthens Cell Therapy Portfolio with Pre-A+ Investment in Westlake BioTherapeutics

(Shanghai, March 8, 2021) STO Capital announced that it has recently completed its Pre-A+ round investment in Westlake Therapeutics (Westlake Therapeutics (Hangzhou) Co., Ltd.), further deepening its footprint in the cell therapy sector.

Red blood cell (RBC) drug development is a highly innovative and challenging frontier technology. Westlake Therapeutics is the first company in China to focus primarily on RBC-based therapies. The company currently possesses the REDx platform, an internationally leading RBC drug technology platform.

Dr. Gao Xiaofei, Founder of Westlake Therapeutics, stated, “We are delighted to have gained the recognition of investors such as F-Prime Capital, who support our vision and innovative approach. We believe that their unique strategic investment footprint rooted in the life and health sector, coupled with their global perspective, will provide significant and diverse resources to advance our engineered red blood cell therapeutic products toward clinical validation. With the support of F-Prime Capital, we will be able to recruit top talent globally and accelerate preclinical research and discovery, further unlocking the potential of engineered red blood cell technology in disease treatment, thereby realizing our vision of delivering more clinically meaningful innovative therapies.”

Ms. Liu Xin, Partner at F-Prime Capital, stated, “F-Prime Capital is committed to supporting independent innovation driven by globally leading technologies. Currently, there are approximately ten biotechnology companies worldwide focused on red blood cell-related therapies. Among them, Westlake Therapeutics is the only company rooted in China that possesses multiple engineered red blood cell technology platforms. Its founding team boasts robust R&D capabilities, extensive accumulated experience, and a global perspective. We are confident that the company will emerge as a global leader in the field of red blood cell-based therapeutics, and we look forward to leveraging F-Prime’s global resources and industry expertise in biotechnology to provide strong support to Westlake Therapeutics.”

Cell therapy technologies are poised to lead the third revolutionary wave in life sciences this century. As a branch of cell therapy, red blood cell (RBC) therapy utilizes red blood cells as primary drug carriers for the treatment of various diseases. Leveraging the unique properties of red blood cells, this technology stands out as one of the most promising therapeutic approaches currently available. The novel RBC therapy technology independently developed by Westlake Therapeutics is a scalable platform technology that offers advantages such as more accessible and safer raw materials, along with significant potential to reduce treatment costs. It holds great promise for playing a pivotal role in treating cancers, rare diseases, immune disorders, and other conditions.

In the field of cell and gene therapy, Stoic Capital’s portfolio companies include Semma Therapeutics, a pioneering leader in novel cell therapies; Beam Therapeutics, a gene therapy company; and Sironax, among others. Looking ahead, we will continue to deepen our presence in this sector, aiming to support more startups with breakthrough technologies and a global perspective, thereby jointly creating value for the industry.

As an in-house asset management arm of the Fidelity Group, Eight Roads Ventures is well-positioned to provide long-term support for the growth of its portfolio companies—a critical advantage for research-driven biopharmaceutical enterprises that require sustained investment. Furthermore, as a globally focused venture capital firm, Eight Roads has built a robust global healthcare ecosystem, with teams spanning China, Japan, India, Southeast Asia, Europe, and the United States (through its sister fund, F-Prime Capital). Our healthcare investment team boasts diverse and specialized backgrounds, along with strong execution capabilities. We leverage Eight Roads’ worldwide network of experts and resources to deliver comprehensive strategic support to our portfolio companies.

FountainVest Partners has over 25 years of venture capital experience in China, accumulating an outstanding investment track record. Its investments cover core segments of the healthcare industry value chain, including new drug R&D, medical devices and diagnostics, healthcare services, and digital health. To date, FountainVest Partners has invested in 48 companies in China’s healthcare sector, among which the publicly listed companies include WuXi AppTec, Innovent Biologics, Hua Medicine, Adagene, Eyebright Medical, Ocumension Therapeutics, Shanghai Haoli Biological Technology, Denali Therapeutics, and Nanjing King-Friend Biochemical Pharmaceutical, etc.

Fidelity International is a global proprietary investment firm backed by Fidelity Investments. Leveraging its unique capital structure, Fidelity International deploys capital flexibly to support innovative companies in disrupting or leading their markets, helping entrepreneurs realize their ambitions. Together with affiliated funds under Fidelity Investments, Fidelity International ranks among the top ten venture capital firms globally. Our global ecosystem continuously provides portfolio companies with access to extensive talent pools and deep local expertise to drive business growth. With over 25 years of venture capital experience in China, we have invested in more than 110 companies in the healthcare and technology innovation sectors. Over the past decade, we have invested nearly $6 billion in startups worldwide.